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My CPA Coach provides tax planning services to small business owners. Our services include CPA tax planning, CPA tax preparation, and tax reduction courses.
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If you meet the criteria, you will be able to use our premier tax planning services to reduce your tax bill. Once you are a client, you will also be able to use our CPA tax preparation service.
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In W-2, employers pays half of 15.3% owed taxes or 7.65%, 1099 employee pays the entire 15.3%
Thank you, Sherman for this clear information. I have finally arrived to a point where I am realizing that there is a way to reduce my tax exposures. I have had a very smart CPA doing my taxes for many years now and not once has he recommended any vehicles to change up my income tax situation. As a matter of fact, he told me that there was nothing that I could do to strategically and legally reduce my taxes. For awhile, I had an ecommerce business, which helped somewhat. The bulk of my income comes to me in the form of interest and principle. I am feeling glimmers of hope of being able to effect a change. I have been in the dark for way too long in my life's journey, but Sherman has entered the picture like a beacon of light!
I'm a truck driver just 2 employees. Myself the driver and my kid that books loads and gets my permits. I would like a simple paycheck for both of us.
Excellent video - thank you for the very easy to understand explanation. I'm managing 5 LLCs and have had a full time employer where I cap out on Social Security every year. Next year may be an entirely different matter. This is a great reminder of the tax advice our accountant gave us years ago and a very nice explanation. Liked and subscribed!
Thank you so much for all the hard work you put into making this video. This channel is my favorite for any business related content. Thanks 🙏
Great content, however there is an error in the statement of 20 million or more results in a 15.8% audit rate. The actual number according to the chart is 20 billion or more. 500,000,000 under 1,000,000,000 - 0.9% 1,000,000,000 under 5,000,000,000 - 1.9% 5,000,000,000 under 20,000,000,000 - 6.5% 20,000,000,000 or more 15.8% 20 with 9 zeros is 20 billion not 20 million.
“Ask” vs “axe” please. Other than that great video and you create informative content
Okay, you take out a loan against your assets, but you now have to pay back that loan, which means you need an income stream. Once you get the income stream you're back to paying taxes. Any questions? Class dismissed.🤨🤨🤨🤨
School doesn’t teach this 😭😭😭😭
Wtf? The irs is now packing heat??? Sounds like legalized mobsters if you ask me.
Maybe if they didn't push for more audits, they wouldn't have to waste tax-payer's money on 6-figure salaries on 10,000 new employees.
Thank you!
For the itemized deduction what is it that needs to be submitted to irs for proof. Receipts or itemized receipt with procedure codes?
Of course they are. Got to squeeze the middle class a little bit more.
The tax payer should be able to charge the IRS their own penalties for wasting their time if the audit comes out clean.
How about work, save and invest
Amazing video Sherman! Learned a lot. Can you make videos with a step by step/ requirements for tax deductions? For example, what do I need to show the IRS? Receipts? How do I prove to them that I had a business meal with an employee?
Great job at comparing the 3 companies. Very helpful
The best way for the “regular working person” that isn’t broke or rich to execute this strategy is a whole life insurance policy designed for maximum cash value and minimum premiums.
Does the tax penalty waiver apply for state taxes?
States vary but may offer similar waivers
@@mycpacoach okay thanks for your wisdom
Perfect it is exactly what I was looking for . I will contact you asap. Thanks
The beautiful thing is, whether or not we know the law, we get the benefits of the law!! So just buy assets for the long-term. Everything else works out great. The problem is most people aren't buying assets. 😂❤😂❤😂 Sherman can help with vetting my long-term investment strategy??
Bet you can't avoid interest though. ;) When you can avoid that, please let us know.
Say I had a disabled cousin on social security in the 0% tax bracket but eventually he had 1 million dollars in stocks that were sold.. how much in tax would he have to pay total?
Helpful tip, put your camera on a tripod so it is stable (looks like it might be on a table or possibly the webcam from the computer but it is shaking alot). You can also add some warp stabilization in post so that way it helps remove some of the jitters.
Thanks, it’s on a tripod but my FPS settings were off. It has been fixed in newer videos
Thank you for the video!
Hello. Will they count Pension Income as Earned Income, when considering your tax bracket?
It may.
Exactly what I needed to know. Thank You.
Awesome. You’re welcome!
Great information!!!!! Why is this not taught in schools? Thank you!
Glad you found it helpful! And good question 🤔
The beautiful thing is, whether or not we know the law, we get the benefits of the law!! So just buy assets for the long-term. Everything else works out great. The problem is most people aren't buying assets. If anything this is a psychological problem, not really a CPA problem 😂❤😂❤😂
Does this work on stocks?
A camel has a better chance to get through the eye of a needle than a rich man has getting into heaven. Stealing and greed can send you to hell. I'm not borrowing money without paying it back. Thats stealing. The poor pay taxes. Why can't the rich? They have more. God is watching you.
You can collect dividends or interest on your assets and live on that. It's not zero income, but it's a HELL of a lot less with low dividend stocks, for example, than selling stocks with significant unrealized income (turning ALL the profit into income).
phenomenal information! thank you for sharing your knowledge
Great information. Thank you!!!
Thanks Sherman. I want to set up child care benefits for my employees. How does it work? Do I pay the employee for the child care? Or do I pay the child care facility directly? Can I provide child care within my business and hire someone to manage that department? Thanks.
Both right now. My day job funds my real plans. Real estate and perhaps other businesses until I can work what I want and how much I want in perpetual semi-retirement 🏠🏠🏠🏠🏠🏠🏠🏠
My main complaint is people living paycheck to paycheck cant afford rent and even that money is being taxed. They need to let ppl pay rent and bills before taxing them. Many ppl literally cant afford to invest a damn penny
If you’re part of an investment group and they charge a monthly percentage of profits for commission, can you write that cost off?
Hey Sherman, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
thanks for this video... helps a lot!
I also would love to know more about HSA’s and properly writing off medical and health related expenses as a self-employed business owner. Also be interested in learning more about your service. Do you work with people that have lived overseas and have foreign taxes as well? I’m currently in the USA and am originally a USA citizen thank you.
Knowledge is power; thank you
Great information broo!! As a Bussiness owner, Im allowed to deduct all of my 401k Contributions on my taxes for that year???
High leveraged folks are the first to crumble in unpredictable market shifts.
Leverage is good if you already have the amount borrowed. So if the market goes down you can pay back without paying interest.
I DISAGREE!! I’m going to be honest with ALL the research 🧐 and data from retirees- ROTH IRA is the better “money vehicle” than IRA! That’s bc an IRA you pay 💰 taxes when you retire!! which is horrible your old and you still paying taxes!! While the Roth IRA takes the taxes out now, which will be taxed less, and be tax free when retired! An example-I’m retired and had a regular IRA, I pull out $3,000 per month will be taxed higher bc of the amount I’m pulling out VS the ROTH IRA where your monthly $250 was taxed! Which got taxed less? $3,000 or the $250?? Be real NO ONE wants to retire and still have taxes taken out, bc that $3k isn’t it after taxes…. And being old and on a fixed income is hard enough don’t need to be taxed on top of that!! I And watch out with the company that runs them!! They may have fees! Don’t use them, and don’t go for a company that is too young or not heard off, bc you don’t want that company going out of business! Don’t do 401k bc you’re placing your money 💰 in the hands of an unknown money manager who you CANT SUE!! With some of the new laws passed if they loss ALLLL your money 💰 buy wrong stocks or whatever it’s your PROBLEM! Start generational wealth with dividends, Roth IRA and a high yield savings account!!
Never try this strategy with under 5 million. It won't work with small asset holders. This works best with 20 million or more.
Why
I don't see how this could work in Kanadistan. - There will be interest and likely principal repayments on the debt. The only way to finance thes are through a hamster wheel of more and more debt. - Using cash flow from the asset itself to pay off personal debt is either income itself first, or a taxable benefit if paid directly by an asset that is a seperate legal entity. - If debt was borrowed from such an entity in the first place, rather than arms-length lender, it will either have to report & pay extra high tax on the interest income, or the debt will be treated as dividend income to the individual and taxed.
Doesn’t make any sense. When you donate 100$ stock you donate 100$. Because you can sell it for 100$. No matter how much you paid when you purchase them. ….
😂
Rental income from assets counts as income
I would think only if it is reported. There is no W2 for the IRS to know you have it.
Rental income from assets should be run through a business LLC - LLC Corp structure to minimize the tax. If you are creating this kind of leverage to acquire property there is no reason to do all that as just a person, you need entity structures to move to more beneficial tax/deduction structures. It absolutely works. Just because you start from a non-entity personal perspective, doesn't mean everything has to stay there. Use your leverage move to "start a business" which protects the assets and creates a favorable tax structure.
@@anthonynardella8907 Well I mean that would be illegal but even then, it could only really work with a cash tenant. Otherwise, if you're pulling in 36k a year in checks from a tenant... Hope you don't get flagged, because you'll have to explain that one and one there is a pattern over years of the same... Enjoy the jumpsuit.
If you buy a house and live in it for 2 years then sell it you didn't have to pay capital gains.
Muni bonds are tax free. Exceptions don't make the concepts of income and income taxes go away.
This is great and all but I've heard that it is illegal for companies to misclassify someone as an independent contractor. Is this true? (www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee)